Tag Archives: minimum payment on loan

The consumer culture has become a complicated and complex place to live. Dealing with money is no longer simple and straightforward, and it’s easy to make financial mistakes that haunt us for years. Despite the focus on finances during Financial Literacy Month in Canada, insights to help us navigate through the system are fragmented and inconsistent.

For many years I taught a college course in consumer issues and economics. Early on, I discovered that most students thought if they made the minimum monthly payment on their credit card, they weren’t in debt. They used their credit cards freely and paid the required minimum each month. They thought they were doing the smart and adult thing. Sadly, they weren’t. Continue reading →